Last Updated: 4:02 PM EST
Stock indices finished today’s trading session in the green. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 0.72%, 0.41%, and 0.69%, respectively. Earlier today, the Bureau of Labor Statistics released its U.S. Nonfarm Payrolls report. In October, employers added 12,000 jobs compared to September’s revised gain of 223,000, which was below the 106,000 jobs economists had anticipated. Nevertheless, the unemployment rate remained flat at 4.1%.
In addition, the Institute for Supply Management put out its monthly report for the ISM Manufacturing Purchasing Managers’ Index, which measures the month-over-month change in production levels. A number over 50 represents an expansion, whereas anything below 50 means a contraction. The report came in at 46.5, which was lower than the expected 47.6. It’s worth mentioning that in the past 24 months, this figure has come in above 50 only once.
Lastly, the Atlanta Federal Reserve revealed its initial GDPNow reading for the new quarter, which allows it to estimate GDP growth in real-time. The “nowcast” becomes more accurate as more economic data is released throughout the quarter. Currently, it estimates that the economy will expand by about 2.3% in the fourth quarter. This is lower than the previous forecast of 2.7%.
First Published: 5:13 AM EST
U.S. stock futures rose on Friday as investors looked ahead to a key jobs report due today. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.41%, 0.27%, and 0.15%, respectively, at 4:38 a.m. EST, November 1.
In after-hours trading, Amazon (AMZN) surged 6% after reporting stronger-than-expected Q3 results, driven by growth in its cloud and advertising businesses. Intel (INTC) also rallied 7% on solid Q3 revenue and a positive outlook. However, Apple (AAPL) declined nearly 2% due to a cautious outlook for the holiday season and challenges in the Chinese market.
On Thursday, all three major indices closed in the negative territory. The Dow Jones fell 0.9%, while the S&P 500 and the Nasdaq Composite dropped 1.86% and 2.76%, respectively. The decline followed disappointing results from Microsoft (MSFT) and Meta Platforms (META), which failed to impress investors and triggered a sell-off in tech stocks.
Investors are looking forward to the highly anticipated October Nonfarm Payrolls report, scheduled for release today. Economists anticipate a modest increase of 100,000 jobs in October, which reflects a slowdown from the previous few months. The unemployment rate is expected to remain stable at 4.1%.
Beyond the economic reports, investors will be awaiting the earnings from oil giants Chevron (CVX) and Exxon Mobil (XOM).
Meanwhile, the U.S. 10-year treasury yield is up at the time of writing, floating near 4.291%. At the same time, WTI crude oil futures trended higher, hovering near $71.14 per barrel as of the last check.
Meanwhile, European markets opened higher today as investors anticipated a crucial U.S. jobs report for clues about the Federal Reserve’s next interest rate decision.
Asia-Pacific Markets Traded Lower on Friday
Most of the Asia-Pacific indices traded lower today, mirroring Wall Street’s tech sell-off. Also, investors remain cautious ahead of the U.S. Presidential election, scheduled for next week.
Hong Kong’s Hang Seng index was up 0.93%. However, China’s Shanghai Composite and Shenzhen Component indices declined 0.24% and 1.28%, respectively. Further, Japan’s Nikkei and Topix indices finished lower by 2.63% and 1.9%, respectively.
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